Affordable Housing In Waverly
Humphreys County, Tennessee

6 Low Income Apartment Communities In Waverly

Whispering Oaks Apartments

64 Ridge Rd
Waverly, TN

Creekview Manor Apartments

204 Clydeton Rd
Waverly, TN

Carroll Street Residential

215 Carroll Ave
Waverly, TN
Disabled Supportive Housing

Waverly Residential Services

200 Airport Rd
Waverly, TN
Elderly Supportive Housing

Briarwood Apartments

116 Guy Barnett Dr
Waverly, TN
HCV Welcome


210 E Richland Ave
Waverly, TN
  • «
  • 1
  • »

Housing Authorities that serve Waverly

Housing Authority Programs
Waverly Housing Authority Public Housing
Tennessee Housing Development Agency Central Office Section 8 Housing Choice Voucher (HCV); Mainstream Voucher
Tennessee Housing Development Agency Middle Tennessee Office Section 8 Housing Choice Voucher (HCV)

Guide To Affordable Housing in Waverly, Tennessee

There are 6 low income housing apartment communities offering 237 affordable apartments for rent in Waverly, Tennessee. Waverly features 125 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 112 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Waverly.

Sourced from federal housing data and research.

Waverly, TN Affordable Housing Snapshot

Total Affordable Apartment Properties 6
Total Low Income Apartments 237
Total Housing Units with Rental Assistance 125
Percentage of Housing Units Occupied By Renters 23.78%
Average Renter Household Size 2.39
Average Household Size 2.54
Median Household Income $42,674 ±$6,561
Median Rent $587 ±$34
Percentage Of Renters Overburdened 36.93% ± 15.38pp
Total Population 4,111

Population and Household Demographics

Waverly is a City in Humphreys County, Tennessee with a population of 4,111. There are 1,560 households in the city with an average household size of 2.54 persons. 23.78% of households in Waverly are renters.

Income and Rent Overburden in Waverly

The median gross income for households in Waverly is $42,674 a year, or $3,556 a month. The median rent for the city is $587 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Waverly, a household making less than $1,957 a month would be considered overburdened when renting an apartment at or above the median rent. 36.93% of households who rent are overburdened in Waverly.1

Area Median Income In Waverly

Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.

HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Waverly, the AMI is calculated from all households within Humphreys County.

In Waverly, HUD calculates the Area Median Income for a family of four as $56,000

Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.

Rental Assistance in Waverly

Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.

Income Qualifications for Waverly HUD Rental Assistance in Waverly

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $12,490 $16,910 $21,330 $25,750 $30,170 $32,500 $34,750 $37,000
50% of Median $19,600 $22,400 $25,200 $28,000 $30,250 $32,500 $34,750 $37,000
80% of Median $31,400 $35,850 $40,350 $44,800 $48,400 $52,000 $55,600 $59,150
Low Income Housing Tax Credits in Waverly

The Low-Income Housing Tax Credit (LIHTC) program aims to create affordable rental housing for low and very low income families.

From 2012 to 2012, 1 low income apartment communities containing 48 rental apartments have been constructed and made affordable to low income persons in Waverly by the Low Income Housing Tax Credit Program.

If your income is less than 60% of the Area Median Income (AMI), you should not expect to pay more than the rent value for a unit in the table below. However, Affordable apartment communities that receive funding through the Low Income Housing Tax Credit program may have rental units that are not subject to income and rent limits.

Rent limits for the LIHTC Program are determined so that a household making the maximum income for the expected household size of the unit would only pay 30% of their income for rent.

Income Qualifications for Low Income Housing Tax Credit Apartments in Waverly

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $19,600 $22,400 $25,200 $28,000 $30,250 $32,500 $34,750 $37,000
60% of Median $23,520 $26,880 $30,240 $33,600 $36,300 $39,000 $41,700 $44,400

For example, the expected household size for a two bedroom apartment is 3 people. Using the table above, the maximum income for a 3 person household at 60% of the AMI in Waverly is $30,240 a year, or $2,520 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $2,520 by 30% to get a maximum rent of $756 a month.

Rent for units in the LIHTC Program include a utility allowance which is determined by the average monthly cost of utilities paid directly by residents. This allowance has not been subtracted from the rents in the table below. These utility allowances are set on a property by property basis.

% of AMI Studio 1 Bed 2 Bed 3 Bed 4 Bed 5 Bed
50% $490 $525 $630 $728 $813 $897
60% $588 $630 $756 $874 $975 $1,076
Fair Market Rents in Waverly

Fair Market Rents, often abbreviated as FMR, can be used to better understand the average housing costs of an area. Notably, Fair Market Rents are used to establish the payment standards for the Housing Choice Voucher Program, maximum rents in HOME financed rental projects and initial rents for Section 8 project based assistance.

2020 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$493 $571 $650 $874 $1,019